Grayscale Ethereum Trust Files Proxy Statement

TL;DR

Grayscale Ethereum Trust (ETH) filed its DEF 14A. Standard stuff.

AI Summary

Grayscale Ethereum Trust (ETH), sponsored by Grayscale Investments, LLC, filed a Definitive Proxy Statement (DEF 14A) on May 22, 2024. The filing pertains to the company formerly known as Ethereum Investment Trust, which changed its name on December 12, 2017. The trust is incorporated in Delaware and has a fiscal year end of December 31.

Why It Matters

This filing is a standard proxy statement, indicating routine corporate governance and shareholder communication for Grayscale Ethereum Trust.

Risk Assessment

Risk Level: low — This is a routine DEF 14A filing for a publicly traded trust, not indicating any immediate or unusual risks.

Key Players & Entities

• Grayscale Ethereum Trust (ETH) (company) — Registrant
• Grayscale Investments, LLC (company) — Sponsor
• Ethereum Investment Trust (company) — Former company name
• 20171212 (date) — Date of name change
• 20240522 (date) — Filing date

FAQ

From the Filing

0001193125-24-145019.txt : 20240522 0001193125-24-145019.hdr.sgml : 20240522 20240522164655 ACCESSION NUMBER: 0001193125-24-145019 CONFORMED SUBMISSION TYPE: DEF 14A PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20240522 FILED AS OF DATE: 20240522 DATE AS OF CHANGE: 20240522 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Grayscale Ethereum Trust (ETH) CENTRAL INDEX KEY: 0001725210 STANDARD INDUSTRIAL CLASSIFICATION: [6221] ORGANIZATION NAME: 09 Crypto Assets IRS NUMBER: 826677805 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 000-56193 FILM NUMBER: 24974032 BUSINESS ADDRESS: STREET 1: 290 HARBOR DRIVE STREET 2: 4TH FLOOR CITY: STAMFORD STATE: CT ZIP: 06902 BUSINESS PHONE: 212 668 1427 MAIL ADDRESS: STREET 1: 290 HARBOR DRIVE STREET 2: 4TH FLOOR CITY: STAMFORD STATE: CT ZIP: 06902 FORMER COMPANY: FORMER CONFORMED NAME: Ethereum Investment Trust DATE OF NAME CHANGE: 20171212 DEF 14A 1 d710879ddef14a.htm DEF 14A DEF 14A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box: ☐ Preliminary Proxy Statement ☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) ☒ Definitive Proxy Statement ☐ Definitive Additional Materials ☐ Soliciting Material under § 240.14a-12 GRAYSCALE ETHEREUM TRUST (ETH) SPONSORED BY GRAYSCALE INVESTMENTS, LLC (Name of Registrant as Specified In Its Charter) N/A ((Name of Person(s) Filing Proxy Statement, if other than the Registrant)) Payment of Filing Fee (Check all boxes that apply): ☒ No fee required. ☐ Fee paid previously with preliminary materials. ☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. Grayscale Investments, LLC 290 Harbor Drive, 4th Floor Stamford, Connecticut 06902 May 22, 2024 Dear Shareholder: On behalf of Grayscale Investments, LLC, the sponsor (the “Sponsor”) of Grayscale Ethereum Trust (ETH) (the “Trust” or “ETHE”), I would like to thank you for being an ETHE investor. I would like to call your attention to the three proposals we are putting forth in the attached Consent Solicitation Statement . We are extremely proud of the past success of ETHE, and we look forward to improving the product for all current and future investors. The following is a summary of the three proposals contained in the attached Consent Solicitation Statement: • Providing the Trust with alternative procedures for the creation and redemption of Baskets – This proposal will allow the Sponsor to cause the Trust, subject to compliance with certain requirements, to create and redeem Baskets in exchange for the receipt or delivery of cash, respectively, from or to an Authorized Participant. We believe this proposal will provide operational efficiencies that are beneficial to the Sponsor and the Trust. • Providing that the Sponsor’s Fee be payable to the Sponsor daily in arrears – Currently, the Trust Agreement provides that the Sponsor’s Fee is payable to the Sponsor monthly in arrears, and the Sponsor has discretion regarding when it will instruct the Custodian to withdraw Ether from the Ether Account equal to the accrued but unpaid Sponsor’s Fee. With the changes we are seeking, the Sponsor’s Fee would be payable daily in arrears and the Sponsor will maintain the discretion to instruct the Custodian to withdraw Ether from the Ether Account equal to the accrued but unpaid Sponsor’s Fee. • Permitting a portion of the Trust Estate to be held from time to time in one or more omnibus accounts in order to facilitate the creation and redemption of Shares – This proposal will allow the Trust to utilize